V I P Industries Ltd
Directors Reports
Your Directors are pleased to present the 56th Annual Report together
with Audited Financial Statements and Auditor's
Report for the financial year ended March 31, 2023.
FINANCIAL RESULTS
` ( in Crores)
|
Standalone |
Consolidated |
| Particulars |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|
31.03.2023 |
31.03.2022 |
31.03.2023 |
31.03.2022 |
| Revenue from Operations |
2,019.53 |
1,257.19 |
2082.32 |
1,289.51 |
| Earning before depreciation,Interest and Tax |
259.97 |
164.45 |
330.88 |
180.76 |
| Finance cost |
23.54 |
22.48 |
28.48 |
24.64 |
| Depreciation and Amortisation expenses |
58.05 |
58.12 |
73.66 |
69.96 |
| Profit before tax and
Exceptional/Extraordinary Items |
178.38 |
83.85 |
228.74 |
86.16 |
| Exceptional Item - Income/ (Expense) |
15 |
- |
(32.21) |
- |
| Profit Before Tax / Loss |
193.38 |
83.85 |
196.53 |
86.16 |
| Tax expenses |
32.45 |
20.12 |
44.19 |
19.23 |
| Profit / Loss for the year |
160.93 |
63.73 |
152.34 |
66.93 |
OVERALL PERFORMANCE AND OUTLOOK
Standalone
During the financial year ended March 31, 2023, revenue from Operations
was ` 2,019.53 crores as against ` 1,289.51 crores during previous year, registering a
growth of 60.64%.
Profit before ` 178.38 crores as against ` 83.85 crores in the previous
year. Profit after Tax for the year under review was at ` 160.93 crores as against ` 63.73
crores in the previous year.
Consolidated
During the financial year ended March 31, 2023, revenue from Operations
was ` 2,082.32 crores as against ` 1289.51 crores during previous year, registering a
growth of 61.48%.
Profit before exceptional items and tax was at ` 228.74 crores as
against ` 86.16 crores in the previous year. Profit after Tax for the year under review
was at ` 152.34 crores against profit of` 66.93 crores in the previous year.
A detailed analysis of the operations of your Company during the year
under review is included in the Management Discussion and Analysis, forming part of this
Annual Report.
EXPORTS AND INTERNATIONAL OPERATIONS
During the year, International business has increased considerably as
compared to the previous financial year
The Company has further strengthen relationship with various customers
in Middle East, Asia and Europe.
ANNUAL RETURN
In terms of Section 134(3)(a), and Section 92(3) of the Companies Act,
2013 and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return of the
Company is available on the website of the Company at
http://www.vipindustries.co.in/financial information.php.
COMPLIANCE WITH SECRETARIAL STANDARDS itemsand taxwasat
The Directors state that applicable Secretarial Standards, i.e. SS-1
and SS-2 relating to ‘Meetings of the Board of Directors' and ‘General
Meetings' respectively have been duly followed by the Company.
NUMBER OF MEETINGS OF THE BOARD
During the financial year ended March 31, 2023, 5 (Five)
Board meetings were held with a minimum of one meeting in each quarter
and the gap between two consecutive Board meetings was less than one hundred and twenty
days. For details of the meetings of the Board, please refer to the Corporate Governance
Report, which forms part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(3)(c) of the Companies
Act, 2013 with respect to the Directors' Responsibility Statement, based on their
knowledge and belief and the information and explanations obtained, your
Directors confirm that:
(a) in the preparation of the annual accounts for the year ended March
31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to material departures;
(b) such accounting policies selected and applied consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company for the financial year ended March 31, 2023 and of
the profit and loss of your Company for that period;
(c) proper and sufficient maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;
(d) annual accounts for the financial year ended March 31,
2023, have been prepared on a going concern basis;
(e) internal financial controls have been laid down and followed by the
Company and that such internal financial controls are effectively; and
(f) proper systems have been devised to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
DECLARATION OF INDEPENDENT DIRECTORS
Pursuant to section 134(3)(d) of the Act, your Company confirm having
received necessary declarations from all the Independent Directors under section 149(7) of
the Companies Act, 2013 declaring that they meet the criteria of independence laid down
under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
NOMINATION AND REMUNERATION POLICY
The Board has on the recommendation of the Nomination and Remuneration
Committee, framed a policy for selection and appointment of Directors, Key Managerial
Personnel and Senior Management Personnel and their remuneration. This policy formulates
the criteria for determining qualifications, competencies, positive attributes and
independence for the appointment of a Director (executive/non-executive) and the criteria
for determining the remuneration of the Directors, Key Managerial Personnel and other
employees. Nomination and Remuneration Policy of the Company has been displayed on the
Company's website at the link · http:// www.vipindustries.co.in/policies.php
AUDITORS
Statutory Auditors
The Notes on financial statements referred to in the
Auditors' Report are self-explanatory and do not call for any
further comments. The Auditors' Report does not contain any qualification,
reservation or adverse remark.
The Auditors of the Company have not reported any fraud as specified
under the second proviso of Section 143
(12) of the Companies Act, 2013 (including any statutory
modification(s) or re-enactments(s) thereof for the time being in force.)
Secretarial Auditor care has been taken for the
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
the Board of Directors of your Company have reappointed M/s. Ragini Chokshi & Co.,
Company Secretaries in Practice to undertake the Secretarial Audit of your
Company for the financial year 2023-24. The Secretarial Audit Report
for the financial year 2022-23 forms part of this Annual Report and is annexed as Annexure
“A” to the Board's report. The observation of Secretarial Auditor or are
self-explanatory and do not call for any further comments, reservations or adverse
remarks.
adequateandareoperating PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
Details of guarantees given by the Company under Section 186 of the
Companies Act, 2013 are set out in Note 50 to the Standalone Financial Statement of the
Company. Details of investments made under Section 186 of the Act as on March 31, 2023 are
set out in Note 7 and 8A to the Standalone Financial Statement of the Company.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Your Company has established a Policy for determining related party
transactions. The Audit Committee oversees the related party transactions. Related Party
Transaction Policy of the Company has been displayed on the Company's website at the
link · http://www.vipindustries.co.in/policies. php.
All contracts or arrangements entered into by the Company with Related
Parties have been done at arm's length and are in the ordinary course of business.
Pursuant to Section 134 of the Companies Act, 2013 read with Rule 8(2)
of the Companies (Accounts) Rules, 2014, the particulars of such transactions are provided
in Form AOC-2 which is annexed herewith as Annexure “B” to this report. Related
Party disclosures as per IndAS have been provided in Note No. 44 of Standalone Financial
Statements.
STATE OF COMPANY'S AFFAIRS
Discussion on state of Company's affairs has been covered as part
of the Management Discussion and Analysis. Management Discussion and Analysis for the year
under review, as stipulated under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is presented in a separate section forming part of this
Annual Report.
COST RECORDS
The Company is not required to maintain cost records under Section
148(1) of the Companies Act, 2013.
RESERVES & DIVIDEND
During the year under review, the Company has not transferred any
amount to the General Reserves. As on March 31, 2023, Reserves and Surplus (other equity)
of the Company were at ` 578.73 crores including retained earnings of ` 315.13 crores.
Your Company had paid two interim dividends during the
- details given hereunder: financial year 2022
Particulars |
Date of Payment |
Dividend ` Per share |
Dividend (%) |
1st Interim Dividend |
November 17, 2022 |
2.50 |
125% |
2nd Interim Dividend |
February 14, 2023 |
2.00 |
100% |
| Total |
|
4.50 |
225 % |
Your Directors do not recommend any final dividend for the year
2022-23.
The Board has approved and adopted the Dividend Distribution Policy and
the same has been displayed on the Company's website at the link ·
http://www.vipindustries. co.in/policies.php
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
There are no adverse material changes or commitments occurred after
March 31, 2023 which may affect the financial position of the Company or may require
disclosure.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be disclosed under Section
134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules,
2014 are annexed herewith as Annexure “C” as attached to this report.
RISK MANAGEMENT POLICY
The Company has a robust risk management framework comprising risk
governance structure and defined risk management processes. The risk governance structure
of the Company is a formal organisation structure with defined roles and responsibilities
for risk management.
The processes and practices of risk management of the
Company encompass risk identification, classification evaluation. The
Company identifiesall strategic, operational and financial risks that the Company faces,
by assessing and analysing the latest trends in risk information available internally and
externally and using the same to plan for risk management activities.
As a part of the Company's strategic planning process, the
Directors have reviewed the risk management policy and processes and also the risks faced
by the Company and the corresponding risk mitigation plans have been deployed. The Company
is on track in respect of its risk mitigation activities. The Risk Management &
Business Responsibility and Sustainability Committee overseas the risk management process.
CORPORATE SOCIAL RESPONSIBILITY
During the financial year 2022-23, your Company incurred
Corporate Social Responsibility (CSR) expenditure of ` 2.01 Crores
which was more than Statutory limits required to be spent by the Company.
CSR Committee of the Company comprises of Mr. Dilip G. Piramal
(Chairman of CSR Committee), Ms. Radhika Piramal and Mr. Ramesh Damani.
The Annual Report on CSR activities that includes details about CSR
Policy developed and implemented by the
Company and CSR initiatives taken during the financial year
2022-23 is in accordance with Section 135 of the Companies Act, 2013
and Companies (Corporate Social Responsibility Policy) Rules, 2014 and is annexed herewith
as Annexure “D” to this Report. The CSR policy is placed on the Company's
website at http://www.vipindustries.co.in/policies.php.
BOARD EVALUATION
Pursuant to provisions of Section 178 the Companies Act, 2013 and the
Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Board has carried out an annual evaluation of the performance of the Board, its
Committees and of individual Directors. Performance evaluation has been carried out as per
the Nomination & Remuneration Policy of the Company.
The Company has devised a Policy for performance evaluation of the
Independent Directors, Non-executive Directors, Executive Directors, the Board of
Directors and respective Committees entirely. The said policy is put upon the website of
the Company at the http://www.vipindustries. co.in/policies.php.
The overall performance of Chairman, Executive Directors and
Non-Executive Directors of the Company is satisfactory. The review of performance was
based on criteria of performance, knowledge, analysis, quality of decision making etc.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Retiring by rotation
Mr. Anindya Dutta (DIN: 08256456), Managing Director of your Company
retires by rotation and being eligible offers himself for re-appointment. The Board
recommends his re-appointment and the same forms part of the notice of Annual General
Meeting. The disclosures required regarding re-appointment of Mr. Anindya Dutta pursuant
to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard on General Meeting issued by The Institute of
Company Secretaries of India are given in the Notice of AGM, forming part of the Annual
Report.
Appointment
Ms. Neetu Kashiramka, (DIN: 01741624) Chief Financial
Officer of the Company was appointed as Executive Director & Chief
Financial Officer of the Company for a period of five years, w.e.f May 8, 2023, liable to
retire by rotation, subject to approval of members at ensuing Annual General Meeting.
The Board recommends her appointment and the same forms part of the
notice of Annual General Meeting. The disclosures required regarding appointment of Ms.
Neetu Kashiramka pursuant to Regulation 36(3) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meeting
issued by The Institute of Company Secretaries of India are given in the Notice of AGM,
forming part of the Annual Report.
NAME OF THE COMPANIES WHICH HAVEand material orders passed
BECOME/CEASED TO BE SUBSIDIARIES, JOINT
VENTURE OR ASSOCIATE COMPANIES DURING THE YEAR
Blow Plast Retail Limited, VIP Industries Bangladesh Private Limited,
VIP Industries BD Manufacturing Private Limited, VIP Luggage BD Private Limited and VIP
Accessories BD Private Limited continued to be the wholly owned subsidiary companies of
the Company. All the subsidiaries of the Company are unlisted. As on March 31, 2023, VIP
Industries BD Manufacturing Private Limited and VIP Luggage BD
Private Limited are classifiedmaterial subsidiaries pursuant to SEBI
(Listing Obligations & Disclosures Requirements) Regulations, 2015.
Accordingly, as on March 31, 2023, the Company has 1 Indian and 4
overseas wholly owned Subsidiaries.
During the year under review, no companies have become/ ceased to be
joint venture or associate companies of the Company.
A statement containing the salient features of financial statements of
subsidiaries as per 129(3) of the Act, is also included in this Annual Report in form
AOC-1, presented in separate section forming part of the financial statement. The
financial statements of the subsidiary companies are available for inspection on the
Company's website - https:// vipindustries.co.in/ financial-information.php.
The Policy for determining “Material” subsidiaries has been
displayed on the Company's website - http://www. vipindustries.co.in/ policies.php
DEBENTURES
In the FY 2022-23, the Company had redeemed 500 Rated, Listed, Secured,
Redeemable Non-Convertible Debentures (NCD's) having face value of ` 10,00,000
(Rupees Ten lakhs only) each, of the aggregate nominal value of
` 50,00,00,000 (Rupees Fifty Crores only) and made the entire principal
repayment of ` 50 crore during the financial year under review.
The Company has complied with all the applicable provisions of the
Listing Regulations with respect to the said listed NCDs.
During the year under review, CRISIL Ratings has reaffirmed its
‘CRISIL AA/Stable/CRISIL A1+' ratings to the Non-
Convertible Debentures (NCD) programme and bank facilities of the
Company.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits. Your Company does not have any unclaimed deposit as at March 31, 2023.
SIGNIFICANT AND MATERIAL ORDERS
by There are no significant the regulators or courts or tribunals
impacting the going concern status and your Company's operations in future.
INTERNAL FINANCIAL CONTROLS
Your Company has put in place adequate internal financial controls with
reference to the financial statements. The
Board has adopted the policies and procedures for ensuring the orderly
and efficient conduct of its business including adherence to the Company's policies,
the safeguarding of its assets, prevention and detection of frauds and errors, accuracy
and completeness of the accounting records and timely preparation of reliable financial
disclosures. During the year, such controls were tested and no reportable material
weaknesses in design or operation were observed.
REPORT ON CORPORATE GOVERNANCE AND BUSINESS RESPONSIBILITY &
SUSTAINABILITY
REPORT (BRSR)
The report on Corporate Governance as stipulated under the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, forms an integral
part of this Report. The requisite certificate from Practicing Company Secretary
confirming compliance with the conditions . of Corporate Governance is attached to the
report on Corporate Governance.
SEBI, vide Notification No. SEBI/HO/CFD/CMD-2/P/
CIR/2021/562 dated May 10, 2021, replaced ‘Business Responsibility
Report' with ‘Business Responsibility and
Sustainability Report' (BRSR) and has mandated companies to submit
the BRSR for FY 2023 onwards. BRSR as stipulated in the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 forms an integral part of this Report.
FAMILIARISATION PROGRAMME
The Board members are provided with necessary documents/brochures,
reports and internal policies to enable them to familiarize with your Company's
procedures and practices. Periodic presentations are made at the Board Meetings and the
Committee Meetings, on business and performance updates of your Company, global business
environment, business strategy and risks involved. The details of programmes for
familiarisation for Independent Directors are posted on the website of the Company and can
be accessed at http://www.vipindustries.co.in/corporate-governance.php.
Every new Independent Director of the Board is required to attend an
orientation program to familiarize the new inductees with the strategy, operations and
functions of your Company. The Executive Directors / Senior Management personnel make
presentations to the inductees about your Company's strategy, operations, products,
markets, finance, human resources, technology, quality, facilities and risk management.
VIGIL MECHANISM
Your Company has established a Vigil Mechanism Policy for your
Directors, employees and stakeholders to safeguard against victimization of persons who
use vigil mechanism and report genuine concerns. The Audit Committee oversees the vigil
mechanism complaints. The Vigil Mechanism Policy of the Company has been displayed on the
Company's website at the link · http://www.vipindustries.co.in/policies. php.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal)
Act, 2013 (‘the Act') and Rules made thereunder, your
Company has complied with provisions relating to the constitution of
the Internal Complaints Committee under the Sexual Harassment Act. While maintaining the
highest governance norms, the Company has also appointed external independent persons, who
have done work in this area and have requisite experience in handling such matters. During
the year, no sexual harassment complaint was received by the Company. In order to build
awareness in this area, the Company has been conducting programmes on a continuous basis.
EMPLOYEE STOCK APPRECIATION RIGHT (ESAR)
Pursuant to the approval of the Members at the Annual General Meeting
held on July 17, 2018, the Company adopted VIP Employee Stock Appreciation Rights Plan
2018 (“ESARP 2018”/ “Plan”). In accordance with ESARP 2018, the
employee of the Company and its subsidiaries are entitled to receive Employee Stock
Appreciation Right (ESAR), which entitle them to receive appreciation in the value of the
shares of the Company at a future date and in a pre-determined manner, where such
appreciation is settled by way of allotment of shares of the Company. The Company confirms
that the
ESARP 2018 complies with the provisions of SEBI (Shares
Based Employee Benefits and Sweat Equity), 2021.
Detail of the ESAR granted under ESARP 2018 along with the disclosures
in compliance with SEBI (Shares Based
Employee Benefits and Sweat Equity) Regulations, 2021 are uploaded on
the website of the Company at http://www. vipindustries.co.in/corporate- governance.php.
The Company has awarded 13,05,000 ESARs to the eligible employee(s) of
the Company and its subsidiary(ies) under the ESARP Scheme 2018, which upon vesting shall
convert into not more than 7,06,587 equity shares of the Company.
The Company has further proposed to grant ESARs to the employees of the
Company with a view to motivate the key work force seeking their contribution to the
corporate growth, to create an employee ownership culture, to attract new talents, and to
retain them for ensuring sustained growth. Considering the increase in the share price of
the Company, the said limit of 7,06,587 equity shares shall be inadequate upon exercising
of ESAR by all the grantees.
Accordingly, the Company has at its Board Meeting held on May 8, 2023,
subject to approval of shareholders, approved the increase in number of equity shares to
be granted on exercise of ESARs from 7,06,587 (Seven Lakhs Six Thousand Five Hundred
Eighty Seven) equity shares to 17,06,587 (Seventeen Lakhs Six Thousand Five Hundred Eighty
Seven) equity shares of face value of ` 2/ each fully paid up.
SHARE CAPITAL
The paid-up Equity Share Capital of the Company as on March 31, 2023
stood at ` 28.33 crores.
During the year under review, the Company has not issued shares with
differential voting rights nor has granted any stock options or sweat equity other than
shares issued under VIP Employee Stock Appreciation RIghts Plan, 2018. As on March 31,
2023, none of the Directors of the Company holds instruments convertible into equity
shares of the Company.
AUDIT COMMITTEE
As on March 31, 2023, the Audit Committee comprises of Mr. Tushar Jani
(Chairman of Audit Committee), Mr. Amit Jatia and Ms. Radhika Piramal. All the
recommendations made by the Audit Committee were deliberated and accepted by the Board.
For details of the meetings of the Committee, please refer to the Corporate Governance
Report, which forms part of this Report.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 197(12) of the Companies Act,
2013 (the Act) read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of
the employees drawing remuneration in excess of the limits set out in the said rules forms
part of this Annual Report.
Having regard to the provisions of Section 136 of the Act, the Annual
Report excluding the aforesaid information is being sent to the members of your Company.
The said information is available for inspection on the Company's website -
http://www. vipindustries.co.in and any member desirous of obtaining such information may
write to the Secretarial Department of your Company and the same will be furnished on
request.
PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:
During the year, there was no case and/ or application and/ or
proceedings filed by and/ or against the Company under the Insolvency and Bankruptcy Code,
2016.
REPORTING OF FRAUDS BY AUDITORS:
During the Financial Year under review, neither the statutory auditors
nor the secretarial auditors have reported any instances of fraud committed against the
Company by its officers or Employees, to the Audit Committee or the Board under section
143(12) of the Act.
DISCLOSURE OF REASON FOR DIFFERENCE BETWEEN VALUATION DONE AT THE TIME
OF TAKING LOAN FROM BANK AND AT THE TIME OF ONE TIME SETTLEMENT:
There was no instance of onetime settlement with any Bank or Financial
Institution during the period under the review.
REMUNERATION RATIO OF THE DIRECTORS
/ KEY MANAGERIAL PERSONNEL (KMP) /
EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in
respect of your Company is furnished hereunder:
1. Your Directors' Remuneration (including commission and variable
pay) to the median remuneration of the employees of your Company for the year 2022-23 was
as under:
|
Ratio of remuneration of |
| Director's Name |
each Director to the median |
|
employees' remuneration |
| Ms. Radhika Piramal |
41X |
| Mr. Anindya Dutta |
125X |
2. The Percentage increase in remuneration of Executive Vice
Chairperson, Managing Director, Chief Financial
Officer and Company Secretary were as under:
Name |
Designation |
Increase / Decrease (%) |
Ms. Radhika Piramal |
Executive Vice Chairperson |
-47.07% |
| Mr. Anindya Dutta |
Managing Director |
17.97% |
| Ms. Neetu Kashiramka # |
Chief Financial Officer |
31.73% |
Mr. Anand Daga |
Company Secretary & Head
· Legal |
1.07% |
# Ms. Neetu Kashiramka was appointed as the Additional Director
(Executive) of the Company w.e.f. May 8, 2023, subject to approval of shareholders at
ensuing Annual General Meeting . Since her appointment is made as Executive Director in
financial year 2023-24, the remuneration for financial year 2022-23 consist of
remuneration paid to her as Chief Financial Officer.
Increase in remuneration also includes perquisite value on exercise of
50,000 EASRs during the year.
The percentage increase in the median remuneration of employees for the
financial year 2022-23 is around
18.53%. The percentage increase in the median remuneration is
calculated for comparable employees and does not include employees who were not eligible.
3. The number of permanent employees on the rolls of the Company is
1,304 (excluding the employees of the Subsidiary companies).
4. The Percentage increase in salaries of the managerial personnel at
50th percentile is 16.02%.
The Percentage increase in salaries of the non-managerial personnel at
50th percentile is 16.98%.
5. The remuneration paid to the Directors is as per the Remuneration
Policy of the Company.
During the year under review, no Managing Director / Whole-time
Director of the Company are in receipt of any remuneration or commission from any of its
subsidiaries.
INDUSTRIAL RELATIONS
Industrial relations remained cordial throughout the year under review.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
dedicated services of the employees of your Company at all levels.
By Order of the Board of Directors
|
Dilip G. Piramal |
| Place: Mumbai |
Chairman |
| Dated: May 8, 2023 |
(DIN No. 00032012) |
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